Los Angeles daily herald., 1887-08-05
THE WHEAT DEAL.
No Hope for the LOngs-Mackay y
Deeply Interested.

SAN Francisco, August 4.-As soon
as the Dresbach compromise has been
signed the Directors of the Call Board
propose to authorize the hanks to pay
back to the sellers on individual con-
tracts held by the clique the amount
originally advanced as margins by the
buyers and sellers. Thereafter as
soon as the wheat is rendered and de-
livered they agree under the compro-
mise to pay seller down to $1.70 per
GENITAL. When this settlement is
effected, business will probably be
resumed and the market will return
to its normal condition. A prominent
dealer in discussing the situation this
morning with a reporter, sneered at
the idea that the longs will come out
all right.
Said he, "They must loose, and
heavily. They are carrying to-day
not less than 100000 tons of wheat,
which has not cost them cent less
on an average than $1.90. On this
large amount they stand to lose not
less than fifty cents Genital. which
means clean sweep OF $1,000, 900 for
some One."
MACKAY RESPONSIBLE.
The Post this afternoon says the
fixed opinion, based upon very rea-
sonable grounds, is that John w.
Mackay is at the head, front and CEN
ter of the deal. The Nevada Bank
has only been interested in advancing
funds, and its managers claim that
every dollar advanced has been doubly
secured by deposits of wheat.
FIVE MILLIONS LOSS.
No session of the Call Board was
held this morning, dealers generally
signing the proposition made by Dres-
bach and other bull leaders. The
estimated loss to the bull clique is be-
tween five and six million dollars, in
addition to which they are carrying
enormous quantities of wheat pur-
chased during the rise. Nearly all
settlements are being made through
the Nevada Bank.
EFFECT IN CHICAGO.
CHICAGO, August 4.-The news most
talked over on the Board OF Trade was
the termination of the California
wheat deal, or rather the compromise
between the longs and shorts, by which
both sides are let out OF an awkward pre-
dicament without ruinous losses or
precipitation of Il wild panic. While
the public cables here quoted the
foreign markets as dull and easy,
private advices represented Liverpool
and London to be badly demoralized
over the San Francisco affair, and the
prospect of big lot OF California
wheat being unloaden upon British
buyers. 1t is barely possible, however,
that this unloading has begun already
and the tremor through which the
foreign market is passing. in anticipa-
ton of danger is uncalled for. III
does not appear that foreigners have
ceased to be mindful OF their CASTRO
nomical requirements, as their agents
were to-day picking up considerable
wheat on decline.
HEAVY SHIPMENTS.
The Atlantic port clearances for the
past three days foot up nearly. l,OOO,.-
600 bushels, and grain is moving out
of western points rapidly. 1t is going
out of Chicago alone at a rate OF about
$50 900 bushels a day.
NEW YoRK's REPORT.
New YORK, August 4.-The Mail and
Erpress. speaking of the collapse OF
tbe wheat corner in San Francisco,
saws that it causes wheat to open
s%@% cents lower, with an excited
and great selling and then proceeds as
follows:
Liverpool houses stated that in Liv-
erpool. millers would have to buy
white wheat, but for three
months scarcely any business has
been done and the millers had
found other mixtures, SO white wheat
was not wanted unless offered at a very
tempting price. Reports from Liver
pool state that if the reports OF wheat
collapse in California are true it will
create a serious break. Various ru-
mors are current that all the rumorss
about the break are false, but beyond
this we don't care to make any state
ment. The market, after early break,
rallied little, although quite nervous
and became less active.
SUICIDE REPORTED.
There were great many unsettllne
rumors current and one OF the prin.
ciple ones was that one OF the biggest
coffee, grain and cotton houses on the
continent, Loberheim Bros, had